Regulation 16 Exchange of stock on register for stock on books of Bank of England or Ireland

The holder of any stock on the register may, if the stock is of a description corresponding to stock or securities transferable in the books of the Bank of England or of the Bank of Ireland, and subject to the terms of any prospectus relating to the issue of that stock or those securities, exchange the stock for stock or securities of a corresponding amount and description on the books of the Bank of England or the Bank of Ireland.

An application for an exchange of stock under this Regulation shall be made by sending to the Director of Savings an application in writing in the approved form together with any certificate or subscription book relating to the stock.

For the purpose of any such exchange, the Director of Savings shall, after writing off from the register the stock to be exchanged, send particulars thereof to the Bank of England or the Bank of Ireland, as the case may be, and the Bank shall thereupon register stock or securities of a corresponding amount and description in the name of the holder or issue to him bearer bonds representing such stock or securities, as the case may require.

Where stock is held by two or more persons as joint holders, an exchange may be effected under this Regulation notwithstanding that one of the joint holders is a minor.